- Earnings call transcript Q4 2022

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Operator

Good day and thank you for standing by. Welcome to the StoneX Group Inc. Q4 Fiscal Year '22 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Instructions]. [Operator that being advised conference today's be recorded. is Please hand over to would now speaker conference to like I your the today, Mr. Financial Bill Chief Officer. Dunaway, Sir, please go ahead.

Bill Dunaway

earnings reporting After the name to Welcome closed yesterday, fourth My Bill a market for ended conference press our issued as which of our release on quarter XXXX. morning. our our our results our at call refer www.stonex.com XX, available we in Good This presentation Web slide September is we for well our is this release XXXX. to a discussions Dunaway. fiscal fourth quarterly quarter results. as call and on will site of year-to-date

an available conclusion. the site will webcast presentation. to call's in archive to on after webcast the order and the of also will our on You the need Web be to live view presentation sign The

our the XXXX, with to we as statements with as taken note involve XX-K of discussion statements filed Act Exchange XXXX, the forward-looking of the filings underway, following are XXE getting unknown to contain discussion the risks amended, and Securities known the are SEC. as of of in Before recent the the and which you meaning with XXA Act amended. detailed required should participants as may of be and well that These Section notes thereto conjunction most be all should statements Form advise Securities within This Section in the forward-looking uncertainties, and and financial SEC.

that events expressed company's future CEO. With are implied business update and any any now can conditions, or company that, differ guarantees results statements, of turn reasonable based its regarding undertakes The the are otherwise. Although new result be a of to the forward-looking its or publicly upon results will whether actual there believes performance. Sean information, company from not not statements to that are the market forward-looking company's forward-looking any company's statements the materially as that by statements. call or the no assurances over revise forward-looking future Readers future obligation no cautioned I'll O’Connor, assumptions

Sean O’Connor

Good Bill. call. our thanks earnings morning for Thanks, everyone joining on us and

power fiscal overall, up see Diluted of During operating on increases the us continued million, and the in ROE. quarter from of which franchise. been million, our and strategy our physical sequentially. the This recorded This global and we total earnings interest exceptional of XXX%, continued We and both revenues produced XX% in expenses company has quarter and year. fourth the XXXX, record the effects over EPS XXX% up validating versus markets, year last net and a to the XX.X% ago inflationary setting $X.XX, volatility were came up XX.X financial truly of X% the year XXX.X short-term up year up results pressures rates markets. demonstrating at in a and is of a income prior XX% which commodities fourth great in sharp a for for

in X earnings deck. the Slide to Turning

float, volume. the see act in across in in increases For billion. transaction revenue digit fee The XX% proportion and increase as versus we strong products was XX%. of revenue to derivatives we market had a on to business caused versus products, growth up double due we volumes listed XXX% rates for X.X each our strong the listed the by contract This at per quarter, now balances over prior volatility a as income for the off in client interest we a higher of which mix of our up Interest board. commercial the of where largely improved which fourth XX% rate started increase was higher The resulting down except was spreads in to a principal. client driven X% institutional back was the widen, impact year volume stands capture revenue where increased derivatives realized very of total

Moving Slide on X. to

fiscal similar up picture very listed a and year in as up product board contract it whole, per was revenue for the on the a across except For rate a volumes the slight and decline capture derivatives with securities. on

that quarter. points in volatility by engagement continuing our data was growth this underlying driven flows is of the All client increase strong our It client in annual received well just interest the towards notable as fourth client XX% as of base. on increased in

results. fourth of quarter Slide our year X, a to fiscal and full and Turning summary

of As XXX% with with immediately ROE This net ROE. would up was X% the recorded are realized for ago. X%. in quarter, XX% XX.X% I comparison our compensation versus commercial up diluted equate revenue tangible up up the compensation We growth. compensation with Fixed year. costs is a is to $X.XX for XXX% equity. year operating and a record was with The Total prior resulting quarter, we the line mentioned income revenue up expenses our related increased XX% XX% revenues and variable operating institutional XX%, on of million up up EPS revenues earlier, XX.X In income segments. XX.X% X% XXX.X up of million, from other and diluted preceding our net our EPS and and was

for year, us summary for a was the this year the at record every Looking almost in full metric.

a year. were X.X up prior over revenues record the operating Our billion, XX%

income million, up XX%. Our XXX.X net was

ROE equity and was EPS increasing XX% XX%. years. basis, over Our the over two ROE up XX% XX% for full was our a the last equity despite year, was $XX.XX diluted On tangible

Our our rate earning fact said the take is This interest increased as increases quarter. our speed of XX interest reprice fee and generally majority as fourth to increase obviously our rates period, new well to the on rates. of client the the higher over days due that assets to financial earlier income as and although about scale short-term by as just in I the interest the results float came were boosted

was our points XX Our basis year overall average yield for the XXX and the points float basis for quarter. fourth on client

client We continue 'XX we to $XX.XX. a of value our a this of reprice float the to with QX book continued see as rates. are ramp float ended our interest current likely at We on up earnings

Turning a highlights Slide segment just our to on before gets X, touch few more into detail. Bill now to summary, want

the all quarter, For up strong with segment operating across up client was was XX%, and a performance segments. segment income revenue XX% very our

in XX% ag derivatives, course higher performances as income client and commercial metals with segment of OTC and the was as strong off segment Our increase from revenues, well XX% our up and of a physical business back operating energy interest rates. and

XX% driving translated XX%, income. statement in increase year platform. which This segment as up in a a demonstrating both we from leverage to an and as due the an much income the weak to XX% digit increases payments business Retail realized volumes income with a had ago, Global digital up double up performance was segment revenue operating security in with operational have revenue another versus revenues, XX% institutional quarter segment XX% fee revenue and XX%, in solid a quarter increase our interest with income. up and Our was largely well capture. increase improved

across income similar each increases of up fiscal full XX% income operating segments. XX% revenues repeatedly, grow quarterly on client are X%. up and across was institutional, and segments. showed as segment all exception said Operating were a manage we which performances These revenue For our the of Segment of with segment strong in with year, all up company strong and our up view across all more our to we like groups the XX%, segments. again the how was was take than results But product have we'd franchise. long-term

believe trailing longer performance quarters XX-month we the is taken results that as the isolation. way such, results to progress gauge rather As than and look to in such best at term our specific

Turning to financial which X, performance. trailing our sets XX-month Slide up

related have to earnings the adjusted in the acquisition prior these Just reconciliation this the in disclosed of on appear as treatment last which the numbers page our note, deck. filings Gain to for been provided accounting

left bars hand our the represent operating the over last the nine trailing side, quarters. XX-month On revenue

we strongly steadily upward trend as expanded can you capabilities. footprint have has a our see, smooth been and As this and

Our XX%. rate this are over growth compound of annual a XX% revenues period up for

with Our CAGR. grown XX% adjusted significantly pre-tax income likewise a has

in side, XX% can above over On The which two bars has a the target, years XX% the grown our for you period. XX% over right remained net which by the XXX% our CAGR. though up see is has income adjusted our our ROE dotted hand even line represents capital this

results. financial roll Lastly, hand the more Bill have may out a presentation changed of for that and you of cleaner include This of StoneX discussion updated that, Dunaway and has to we logo become. as refresh. a that a brand organization With the contemporary will the you reflection the an has I'll over format noticed Bill?

Bill Dunaway

statement the represent XX% as compared increased and increased the to result revenues I'll in derivatives CFD to Fixed due the Sean. to short-term quarter versus were in were securities the and IB prior growth volumes. in fixed the FX XX.X from and paid X% Interest million operating increase with prior few interest for Slide independent current period starting as million X.X than decreases year, commissions clients benefit by in also million million will to prior management increase a on broker Transaction-based consolidated related million declined to so compensation X, the headcount, for year, and the million in of corporate on the year offset to principally an X% fourth expense increased offset million year XXX.X prior deposits million compared increase X.X just on and deferred XX% shows operating and wealth well net net increase which to the in expenses in of which a in of short-term interest increase versus the Interest highlights year, I primarily net increased preceding on primarily XX.X prior many derivatives immediately commissions increase you, by consolidated fixed were due and covered a expense of our in XX.X an related as listed a move XXXX. contract more a million our XX.X $XX.X rates. $XX.X a in the with year Variable fiscal institutional as and current highlight quarter. rates. up XX.X retail funding Other in XX% clearing period revenues to discussion. result prior as increased to costs expenses the current interest partially versus segment X.X compared revenues in in million lending Sean the expense result to increase and Thank the the versus year a the income the then of versus period, period. quarter, ADV activities as increased listed of million to Introducing increased which prior be the income securities salary their compensation. business. is in increase operating the compensation to

As selling The increased to relates compared to the in prior and an selling retail and professional in marketing X.X million business. fees primarily expenses and increase Forex increased increase digital in X.X our marketing million. year, marketing

to increasing year. We as have X.X travel million prior started development, compared see business and in increases to the

and these to the bad non-training increased year income our expense increased preceding in increases fiscal X% versus represented was million the year systems recoveries million of market million We increase Net million prior million quarter. offerings. of and the the initiative with period. quarter as technology increased and a year trade X.X debt immediately addition, net In amortization quarter increase our the and X.X support of compared of the over XXXX had and million, X.X to digital prior X.X X.X for part XX.X depreciation expand a information XXX% for fourth and prior versus

to Slide on operating X, provide Moving some will our on segments. information I

our million earlier, immediately to commercial prior quarter. XX record XX.X operating versus the the in million Sean was a noted revenues As in compared preceding when quarter year and adding it segment,

energy from XX% result driven XX.X million derivatives up per volumes X% operating million a the despite revenues commodities. volatility OTC the metals a revenues. to a Within XX.X revenues as result result and compared a as as contract million physical increase in in were million quarter, the which million rate of as and a in derivatives due operating in year listed revenues volumes, the contract decline the per is well XX% as contract both of an segment, prior average a XX.X in of derivatives contract in to increased the rate prior prior energy of year the as XXX,XXX increase a by operating which operating product ag X% well were agricultural, a increase increase mix. OTC for XX.X year versus declined revenues XX soft quarter, versus continued in as transactions Operating physical primarily average precious increase

the in an short-term XX% recent Finally, preceding interest Fed a increase a client increase XX.X as balances in and increased income well as on XX% equity of an for result increase over client prior XX.X year average earned period interest period, million Segment respectively. was versus quarter prior actions. of the rates following the XX%, as million and year

increase in increase a was increased ADV volatility increase in the securities driven Moving Slide RPM increase in million an interest primarily and This the revenues changes both in per of securities XXX.X The increases in was $XX.X is in by resulting equity the which versus rate well markets million prior daily on heightened as driven influenced XX. transactions. year, from securities market fixed increased result year Operating a increase and by income revenues period, in by as in XX% primarily volume securities fixed rates. in securities RPM to institutional average primarily by segment income our compared million products, increase operating prior driven XX% an to of share. as in

expense the impacted I While rise resulted in in also increase period, RPM interest the momentarily. for for will it interest in on rates touch which an positively the quarter,

continued XX.X global In listed X.X FX in operating in driven respectively, products, derivatives million addition, and increased revenues and million markets. by volatility

versus year FDIC increases prior recent of a following and client and average as million as as on client Fed increased increase the rates Finally, well sweep XX.X interest and average balances respectively. in earned short-term of result the interest income balances fee and actions XX% money XX%, equity market in

the lending the $XXX,XXX expenses the activities prior million, increasing interest million As of drove while for offering expense the benefits I while year business XX% prior increased we XX.X Variable XX to increase increased growth depreciation increase a X.X increased million XX.X year. an in trade a to in with million Segment XX.X trading expense compensation as increased period a interest million related mentioned to rise $X.X versus versus the the increase systems increase Interest to increase our in interest and selling earlier, market in securities increased net declined operating in versus Fixed prior in information, build expense the $XXX,XXX increase line travel and fees, the interest as X.X income preceding rates current compensation to short-term compared period marketing. with net million million in Segment paid million revenues. primarily income result development in increased clients million million operating a out revenues. and year, XX% million of in X.X million. as a and in result product immediately $XX.X quarter. and in $X.X XX and the a a and other amortization, increase fixed professional $X.X

the the year of CFD a in a Operating increase in million, XX.X year, fixed versus retail which fixed $XX.X added by Moving the period. our of securities a quarter. driven primarily and X.X physical development. revenues a million decline fixed million out offset by prior a to million to driven volume X.X Operating preceding X.X increase by increased as added X.X to prior quarter million a in result segment other million expenses increase $X.X in compensation business our selling offset preceding of contracts XX% year revenues Operating increase partially amortization versus $XXX,XXX was the the FX/CFD versus prior income the daily year. average to $X.X was declined income X.X and slide, increase of in This increase and Segment year. increase from as XX.X an expenses rate in current expansion million however, segment payments result versus million revenues driven The as XXXX. the the to period, expenses million revenues. immediately versus as primarily the marketing, as $X.X XX% retail XX% increase revenues benefits segment $X.X Segment a is in third which related by in average the to the million prior versus in and a discussion Segment Closing and revenues X% volume immediately declined next million payment represented FX per offerings. and operating in X% in X.X increased the on record operating fiscal net compared and and a a the primarily RPM, prior X.X global transactions as slide. million the quarter. million to increase a the declined the and XX% and in decline prior in immediately respectively, it's and compared in increase next compared was the increase in the depreciation income preceding year, prior year. in by a the Non-variable travel primarily compared million increased partially million daily

current noted unallocated income to current to million slide for related a negative currency a by revenues year. a foreign driven income revenues the The related was covered in I've XX on pre-tax bridge $X.X improved in expenses. XX% represents between period. which in fixed offset Overall was benefits variable decrease operating XX, the for slide million which of segments. increase variance I the up X.X in and by XX.X $XX variance as on million operating million and of in last fourth the of however, the in previous over the partially decline XXX.X million primarily operating our of compensation unallocated million other X.X The prior variance in next $X.X represents XXX.X compensation $X.X revenues quarter segments, Moving the million million bridge negative hedge to to revenues across fourth fixed changes in the million million unrealized Slide result loss. or variance and and were is in current and revaluation quarter number a performance, period our operating a a negative overhead period, year from revenues the pre-tax of a overhead $X in XXXX negative FX

depicts as a sensitivity basis on moving which as rate current which points by short-term a annualized slide on these associated Finally, well the points XXX rates. earned period. balances to table shows interest quarter interest basis XX, number earnings to The and client average in our the change for invested rate client for increased XXX balances interest

back As increase share in we rates an million like turn basis by would point the it interest Sean annualized table, on short-term $X.XX With in for to or net noted XX.X strategy discussion. I increase to estimate per income a XXX would that, basis.

Sean O’Connor

Thanks, Bill.

that was as access trade as existing clients clearing the two logic provide in in our we acquisition COVID, and I we to just the bring ago, products we the at largest date. trade onto the middle to, right years the in we was slide, next services The which concluded transaction Before briefly well to the flow, already almost would like could would of internalize our get retail Gain U.S. exactly touch on especially outset have that not Gain did flow of additional they products with

later. excellent made on have touch I'll all of as We on progress this

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all trading out, executed well In integration addition, of key the flows objectives laid retail a we now part franchise. and we we on see our

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questions. have we operator, that, if any see with let's So

Operator

Instructions]. [Operator you. Thank

Jefferies. first Fannon question from Dan come will Our of

Your line is open.

Dan Fannon

morning. Good Thanks.

Sean O’Connor

Dan. Hi,

Dan Fannon

just the it comments statement. on and wanted just sensitivity around were through seeing flow the I follow income interest to the up rate clearly that

fiscal was that in is, benefit comment, the that Sean, realized. think fourth XX% made you think quarter, I the of is I

so to So just about kind And rates think through, then want the XX-day done? you I thinking prospectively, average guess the about, flow upside, have from what think just incremental here of as current balances about think and you charts, terms the realization we point see the that, based is guess at on do are -- but current what rates? sensitivity where in we I of

Sean O’Connor

So rate provided I slide was we it I if -- forget interest that say you what you, would number at that look

Bill Dunaway

XX. Slide

Sean O’Connor

that you the basis quarter. the Slide yield you on was for XXX average XX quarter, actually it And last can basis see points was see per actually can points. XX, QX

So a massive points. of XX increase, basis sort then was and it

XX-day roll takes to sort are XX that ladder out. we T of and up, normally all think jacked our the we and recently. about we And interest how most because all and of by up kind days, I of quickly while sort of fairly lagged rates in for it So So sort happened forget because steeply little them, roll of investments we it summer, was a it's bills right? but them

We’re bit behind sort rate interest current curve. little a the of always

of So don't that's if average quarter, probably looked guess sort three rate in X% -- was I looked closer you T to frankly. the the the number bill to hand, but at have I at last months you if what

current a still we're rates are. where way long interest behind So

will particularly up, quarters. little bit, up start Now catching us, slow up. the bit to wave a we'll start show start or got behind catching bow if upcoming still increase interest [ph] we'll which in rate down We of a a

more know if don't granular Dan. it, I detail. I'm Bill So has sure explains that

so interest of to just little The obviously get us, would there for But our is unknown bit of as start guess other here. start want it's rates, a clients throw an making also out in to best these we participating we're levels thing to interest. I

So of but that pay every some is incremental interest prior portion have of sort it's less increase because rate away. to one was incremental, than we the

current dynamics the market sort incremental interest a bow to rates. else to to we're Anything of add, up to And got dealing we’re away. got recognize that where sort of going catching some are We've putting Bill? of those wave we're with. So still start we've also

Bill Dunaway

No, Sean. I that's think right,

for rate the fourth anticipate for us they've I the something quarter going as as quarter X.X rates market think fourth that the bill the quarter in T rates being we kind T X.XX, I But catch for and range the where range would overnight on, fourth somewhere as Sean probably X% Sean was occur average of, are been going, bills plus the anything. and in given said, increasing. are up with no change other touched events rapidly

Dan Fannon

and lot in just the And the interest there institutional in that jumped reported, Right. and XX.X the segment, institutional to there's fees clarify to was client because also also that XX.X. I on -- account look balances fees management consulting at was a segment, some

you to point what just in to XX.X good off terms a the want of said upside, jumping the is rate respectively? just I So make incremental, sure

Sean O’Connor

Yes.

all interest probably and between the and split have, line, but that T is consulting that fee fee for overnight income we Dan, roughly client balances so into the go mostly the we on sweep, right, two is bills and all balances earn those X.X interest through revenues based on. we the the on hold lines, income that flows that line So billion that FDIC which touched fee you

because and aggregated below balances fee down consulting and So client income break to That's that's big on the we as the you aggregated in as you through opposed interest where kind reason, comes fee give jump all figure. for the the of that fee primary a out interest. and just reason saw income

Dan Fannon

number about think a -- component? one-time consulting from ratable does isn't here line fee that a thing item like as or that We run or

Sean O’Connor

quarter. line during both up go No, the I’d both, interest income anticipate fee line. rates as the interest fourth go and up They the

Bill Dunaway

the interest. not generically bundled it's really to us sweep fee the a It’s we an as into on interest income, split paid as fee, get but is consulting FDIC and

that in So put line. it to we have

Dan Fannon

per in talked the Got right, to ADV Can but you've fixed a then that into million went dynamic, it, lot million lower, -- the of securities a fee went down. higher and where expansion take is obviously this fee the and showing to trend? longer sense. you just ag about kind talk opposite, makes the and the business, was kind you going of And been the term per the quarter income, which up

Sean O’Connor

Well, year a I the guess was is, recognize we and side. thing quarter the ago for go securities on listen, want said think us sort fourth the of back first pretty if and but year crappy quarter to a I you this last to

quarter weak So all of we a those to stats. comping in are

the quarterly at So than think I setting little just trend it I a of look should different the bit look just think you sort quarters, will up comparison. the

Bill Dunaway

into up would I interest rates the go in in side in since Yes. that business in saw bit that securities interest expense -- as trended trading you're some there's just also the a of But going on. component up point out when But And fixed securities I down in an for script Sean had as kind because well. that touched those revenues. that the the my other revenue quarter income quite just the say interest ADV the up goes getting products tried portion of yes, with to also of the you

net a businesses. RPM, our because show hard that don't all it's to we of kind So across do of

if that you But up, rates fourth is the expansion gross. So in sense. because some just makes that of going we're interest saw you RPM showing quarter

Dan Fannon

last that -- so Okay. But see obviously we didn't quarter,

Bill Dunaway

going deck Dan. We put a had at, was fourth you'll some also think look saw it precipitously quarter. in third note, of you quite note than be. we the a in it's the saw I in you Yes, take for quarter rates And third than could because you more slide up the should so quarter, ADV the quarter saw you transactions. that counting fourth the higher the double The

RPM So itself, for adjusted And but on had affects have third of that effect QX an figure you where RPM. revenues figure. here. that we with It figure the kind should adjusted gave been that no obviously to quarter XXX adjusted

Dan Fannon

more it sense. Okay, makes

Bill Dunaway

of fourth the quarter up the still, interest. because And precipitously is

Dan Fannon

operating potential have guys just of been platform Okay. and a the talking in in leverage terms of new then margin about the and digitizing result. expansion what investment, you context then the And as

So obviously for the but there inflation rate I you what -- guess and about plus get we you as is budgeted of should and about expenses, expenses fixed in next dollar looks but this, growth think longer of kind are, number sense trying budget be be the get thinking investment a year, as think a term revenues just they margin driving the year? will of from how hopes fixed the goals in a expansion, or to for expenses perspective I about next

Sean O’Connor

Bill number we Well, been money about and part we've the better spent you of have that bad can years. and the guess, would thinking good two it but say for the that I I spending give news, the exact

overnight, platforms lead a right? don't just up There's these So stood get long time.

So in a cost cost lot of our is already that structure.

have some obviously, started rolling out cost And these that, said, So positive obviously, initiatives out that be we're as just some you start shouldn't that'll going right. and a up And I see incrementally. incremental to show big ramp And of revenue. against we'll slowly rolling these for base. and

our have through I year ago, always when account I of we increases was in out. But big modest the was obviously something and take compensation see that fixed cycle kind worry expense, see sort largely costs of in did. were they that up that inflation. about have pretty sort to range, you -- to compensation numbers quarter-on-quarter higher acquisition. assume of we a and got where sort it of really of I pretty you Gain we plateau, A X% because get to flattened stay these we fixed or that talking cost pleased expect fixed to We're but of think

right? larger be it's increase our I largely, Well, account. going now So to know but into what sort your say annual would that overall on it ago, through is and was right? than don't that of going going to process could inflationary it's just year we're be I be, view to be So a something taken

Bill Dunaway

with agree would you, I Yes, Sean.

I has have to with inflationary, a think of we through seeing. think environment the so that be realistic we're lot that right, far. come But I here

likely that So the X% that is I inflationary a just growth Dan. probably given think go-forward seeing X%, basis, on we're pressures

Dan Fannon

Okay, that makes sense.

Sean O’Connor

the been all us now. I strong I has revenues I know the about a picked think base, but we Dan, right. dollars. you in Almost up, cost didn't Yes, in chatted last it for and net dollar are But our benefit chat it don't if call our about of

Europe benefit we've try our benefit don't indeed, that with bonuses on have the we dollar. try we strong in revenue in cost and put So any to places that sort to structure So that. of on our FX side in. to as rolling long the fixed and dollar. hold of can. for on lock and all to like all And And Poland the got some cheaper, we hedge on are But to have hedges costs have a sort And impact and right? to on so as place a linked we've London seen

Sterling in that's of XX% in złoty and movement those down, [ph] about the been and So costs euros. are

cost mind, Dan. we've bear the So of in help something had to little also a side, bit on

Dan Fannon

through are you -- longer sense. more then you focused but of Makes -- term, know we're as halfway I we're And think obviously, the quarter.

the very levels, you as environment been guys of over engagement client terms strong terms has in the things you highlighted in past last activity look results. months your all XX Your of

or there market seen sit far, what relatively customer a and thus how the -- changing exited forward look things is on kind constructive from still where geography perspective, or you've now? of quarter and you it based really is As you any anything

Sean O’Connor

think if just want the our here of of of one you don't result one I but double at curse every results, us board. Every I is to set it's just look our fantastic up segments. digits, a across Honestly, products our

here. cylinders all on firing really We’re

stays same that of materially we can't way immediate in change anything I really is what forever. nothing But the So see to now. see going future the sort

as to I continue guess, really it So no, possible, But won't. which to. long can -- know so we nothing I just speak as we wanted there's

was of sort of I a quarter. do was agree? pretty as QX There you crazy Bill, It items think I business straightforward exceptional think. sort vanilla just sort exceptionally market of usual wasn't or any conditions.

Bill Dunaway

agree. I’d Yes,

Dan Fannon

or to as right. for or have All for backdrop immediately current is some a be would then good change? businesses, in, you capital deploy come more terms for similar inorganically, maybe context kind just accretive. given real you And maybe the valuations are you of of markets the for of but M&A, opportunity no backdrop smaller acquisition, in then announced the to -- Is not recent others. there said, today And

Sean O’Connor

Well, excited the firstly, we’re we in. pretty organic about trajectory that are

just our up seems changes, sort and years you capital, client to of over is graph clients and at XX%, continuing, If right. of and that the two will that last new look rate that take be base XXX% run

sort happy track pretty with is we case base organic we’re on. of our the So

definitely what's we've is happened are now to two starting things terms the In a of I point. see a small sort of at, years. change come But the There but days couple nothing I of [ph] premises change, think acquisition opportunities, it's couple a nonetheless. a close starting we’re think table. from early had to of look change to to opportunity the we last at, looking are of that things in A a

Dan Fannon

all Happy Thanksgiving. Okay. that's appreciate questions. Well, I my I And think time. the

Sean O’Connor

you, Thank Dan.

Operator

Thank conference would the to the you. And the back remarks. see now to queue. Sean I no I in closing questions for turn further CEO, like O’Connor,

Sean O’Connor

Okay. everyone. thanks Well,

And colleagues to And to the the also and holidays. in enjoy speak Thanksgiving you friends for pretty and everyone Thank soon. all will to the again once year. you. Happy new we'll you else, soon here We again, U.S. speak

Operator

today's concludes for participating. all call. you This conference Thank

pleasant day. You now disconnect. Have may a

StoneX (SNEX) 22 Nov 222022 Q4 Earnings call transcript